Tempest Therapeutics, Inc. (NASDAQ:TPST) Sees Large Decline in Short Interest

Tempest Therapeutics, Inc. (NASDAQ:TPST) saw a large drop in short interest in March. As of March 15th, there was short interest totalling 1,750,000 shares, a drop of 17.8% from the February 28th total of 2,130,000 shares. Based on an average daily volume of 1,030,000 shares, the short-interest ratio is currently 1.7 days. Currently, 4.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of analysts recently commented on TPST shares. Scotiabank dropped their target price on shares of Tempest Therapeutics from $13.00 to $7.00 and set a “sector outperform” rating on the stock in a report on Friday, March 28th. HC Wainwright cut their price objective on Tempest Therapeutics from $47.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, March 28th.

Hedge Funds Weigh In On Tempest Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Versant Venture Management LLC acquired a new stake in Tempest Therapeutics during the fourth quarter valued at $2,927,000. Jane Street Group LLC acquired a new stake in shares of Tempest Therapeutics during the 4th quarter valued at about $411,000. Millennium Management LLC bought a new stake in shares of Tempest Therapeutics in the 4th quarter valued at approximately $158,000. XTX Topco Ltd increased its holdings in Tempest Therapeutics by 570.3% in the fourth quarter. XTX Topco Ltd now owns 160,807 shares of the company’s stock worth $134,000 after buying an additional 136,818 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Tempest Therapeutics by 61.0% in the fourth quarter. Geode Capital Management LLC now owns 354,276 shares of the company’s stock valued at $296,000 after acquiring an additional 134,209 shares during the last quarter. 22.52% of the stock is currently owned by hedge funds and other institutional investors.

Tempest Therapeutics Stock Performance

NASDAQ:TPST traded up $0.02 during trading hours on Wednesday, hitting $0.73. 305,969 shares of the company’s stock traded hands, compared to its average volume of 2,026,054. Tempest Therapeutics has a twelve month low of $0.70 and a twelve month high of $6.00. The firm has a market cap of $31.99 million, a P/E ratio of -0.48 and a beta of -1.83. The stock’s fifty day moving average price is $0.86 and its two-hundred day moving average price is $0.97.

Tempest Therapeutics (NASDAQ:TPST) last posted its quarterly earnings results on Thursday, March 27th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.07). The company had revenue of $0.49 million for the quarter. On average, equities research analysts predict that Tempest Therapeutics will post -1.39 earnings per share for the current year.

Tempest Therapeutics Company Profile

Tempest Therapeutics, Inc, a clinical-stage oncology company, develops small molecule therapeutics that combine both tumor-targeted and immune-mediated mechanisms to treat various tumors. The company's two clinical programs are TPST-1495, a dual antagonist of EP2 and EP4, receptors of prostaglandin E2, which is in a Phase 1 trial to treat cancer; and TPST-1120, a selective antagonist of peroxisome proliferator-activated receptor alpha that is in a Phase 1 trial for the treatment of solid tumors.